Jakarta. The government has wrapped up negotiations for a free trade and investment pact with members of the four-nation European Free Trade Association, a final agreement is due to be signed in December, Trade Minister Enggartiasto Lukita said.
Negotiations on the Comprehensive Indonesia-European Free Trade Association Comprehensive Economic Partnership Agreement (IE-CEPA) between Indonesia and EFTA members – Switzerland, Liechtenstein, Norway and Iceland – have taken seven years.
"This settlement is a milestone for Indonesia's relations with the four EFTA countries," Enggartiasto said in a statement released after Friday's signing in Geneva.
Indonesia will get better access to export products such as coffee, palm oil, fisheries, textile and furniture, he said in the statement.
Members of the EFTA will gain access to investment in Indonesia, including in the energy and mining sectors.
According to the statement, the next step is for "legal scrubbing" and translation so the agreement is ready to be signed in Jakarta in December.
In 2017, Indonesia-EFTA trade was worth $2.4 billion, with Indonesia enjoying a trade surplus of $212 million.